10 Must-Know AUDIT MCQs: My Secret to Scoring 90%

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Master the 10 most heavily-tested AUDIT concepts with this practice quiz that helped me score 90% on the exam! We'll cover crucial topics including audit opinions, completeness assertion, control risk assessment, SOC reports, and segregation of duties—all explained with clear examples and the auditor's mindset you need to pass.


🎯 𝐎𝐮𝐫 𝐌𝐢𝐬𝐬𝐢𝐨𝐧 𝐚𝐭 𝐌𝐚𝐱𝐰𝐞𝐥𝐥
Our goal at Maxwell CPA Review is to help you thrive in your accounting studies. Whether you're struggling through a college accounting course or are pursuing the CPA exams, we want to help these confusing concepts finally make sense!

𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐞𝐱𝐚𝐦 𝐭𝐢𝐩𝐬:
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⏱️ 𝐓𝐢𝐦𝐞𝐥𝐢𝐧𝐞:
00:00 - Introduction to AUDIT MCQs
00:30 - MCQ #1: Audit Opinion - Scope Limitation (Disclaimer vs Qualified)
01:40 - MCQ #2: Alternative Audit Procedures & Audit Opinion
03:00 - Tutoring Services Promo
03:15 - MCQ #3: Completeness Assertion - Bills of Lading to Sales Invoices
05:30 - MCQ #4: Testing Controls for Completeness of Sales (Pre-numbered Invoices)
08:00 - Completeness vs Existence Assertions Explained
10:30 - MCQ #5: Tracing Shipping Documents for Existence Assertion
12:00 - MCQ #6: Sampling Risk - Assessing Control Risk Too Low
16:20 - MCQ #7: Audit Risk Formula - Increasing Control Risk & Detection Risk
18:10 - MCQ #8: SOC Reports - Type 1 vs Type 2 (Financial Reporting Controls)
20:10 - MCQ #9: Segregation of Duties - Effective Internal Controls
22:20 - Free Course Promo
22:30 - MCQ #10: Conclusion & Developing the Auditor's Mindset